In recent market dynamics, the price of BTC has shown strong growth momentum, breaking through multiple historical highs, reaching a peak of $89,000, which has attracted widespread attention from investors and market analysts. This article will delve into the latest price movements of Bitcoin, technical analysis, and trading strategies.
Bitcoin Approaches $90,000
As of now, Bitcoin has surpassed the historical high of $80,000, being only about 11% away from the psychological barrier of $100,000. Following the victory of former U.S. President Donald Trump in the 2024 presidential election, the price of Bitcoin surged rapidly, and market sentiment soared. Many analysts predict that with the Trump administration seen as a cryptocurrency-friendly regime, Bitcoin is expected to break through $100,000 by the end of 2024.
According to the latest data from AICoin, BTC has reached a high of $89,800, with a 24-hour increase of 10.77%, currently valued at $87,680. For more details, you can download the AICoin app here.
Recently, the price has shown a significant upward trend starting from November 6, especially with the large bullish candle breaking previous highs on November 11. A long upper shadow was formed yesterday (November 11), indicating strong resistance above.
Image Source: AICoin
The MACD energy bars have turned bullish, indicating an increase in bullish momentum, but there are signs of contraction, which may suggest a short-term pullback. Meanwhile, Bitcoin's Relative Strength Index (RSI) is in the overbought zone (81.09) but has slightly declined, warranting caution against pullback risks.
The current price of $88,000 is above the EMA7 (84,933.52), indicating that the short-term trend remains upward; both EMA30 (79,396.91) and EMA120 (72,977.18) are diverging upwards, supporting a bullish outlook in the medium to long term.
In such a market environment, formulating trading strategies is particularly important. For short-term traders, the RSI indicates overbought conditions, and they may consider taking partial profits when the price reaches key resistance levels. Potential short-term adjustments in the market provide traders with opportunities to re-enter when prices pull back.
For those optimistic about Bitcoin's long-term potential, the current market environment may offer an opportunity to gradually increase positions. Especially with potential favorable policies and market demand driving the market, Bitcoin's long-term prospects remain positive.
Buy and Sell Recommendations:
Buy Point 1: 85,000 USDT (close to the EMA7 support level and a round number)
Buy Point 2: 83,500 USDT (near previous lows, with strong buying support)
Long Stop Loss Point: 82,500 USDT (1,000 points below Buy Point 2 to avoid deep pullback risks)
Sell Point 1: 89,000 USDT (above recent highs, a round number resistance)
Sell Point 2: 90,500 USDT (potential next target after a breakout, a round number)
Short Stop Loss Point: 91,500 USDT (1,000 points above Sell Point 2 to guard against false breakouts)
Whether for short-term or long-term investors, risk management should be emphasized, setting stop-loss levels and using appropriate leverage in positions can help investors protect their investments amid market volatility.
Crypto trader @Xiaobailong0818 posted that today (November 12), Bitcoin faced upward resistance while attempting to hit $90,000, stating, "Short-term observation of the extent of Bitcoin's pullback and the strength of the rebound after the pullback; if the rebound strength is weak, then altcoin spot needs to be reduced."
Image Source: x
Conclusion
In summary, the Bitcoin market is currently at a critical turning point. Investors should consider both technical and fundamental factors when formulating trading strategies to achieve the best returns in a constantly changing market. Investors need to remain rational and cautious, responding to the complex and volatile market environment through in-depth analysis and flexible investment strategies.
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